SEC fines Morgan Stanley for email violations

By

Nick Clark

February 14, 2006 5:00 p.m. GMT

The Securities and Exchange Commission, the US regulator, has fined Morgan Stanley $15m (€12.6m) for failing to retain emails. It is the largest penalty the SEC has levelled for record-keeping offences. Morgan Stanley did not specify which emails were the subject of the fine.

The US investment bank disclosed in its annual report filing that it had violated SEC rules.